New York Looks Forward to Sharing Financial Expertise with Saudi PIF

New York Looks Forward to Sharing Financial Expertise with Saudi PIF

Edward Mermelstein, the Commissioner of the New York City Mayor’s Office for International Affairs, revealed a common desire to maximize the financial expertise of the Saudi Public Investment Fund (PIF) in New York, the US economic and commercial capital.

On his first visit to Saudi Arabia, Mermelstein said there is anticipation for building governmental, social, and economic bridges between New York and the Kingdom.

Regarding Saudi investment in the US and New York, Mermelstein told Asharq Al-Awsat: “The investment trend between Saudi Arabia and the US has remained constant in general.”

“Previous data issued by the US government showed that the Kingdom is among the 30 largest trade and investment partners of the US,” added Mermelstein.

According to Mermelstein, the trade and investment relationship between Washington and Riyadh, worth $54 billion, creates thousands of jobs in both countries.

In 2020, US goods exports to Saudi Arabia exceeded $10.9 billion, and US imports were just over $9 billion, according to the US Census Bureau.

“Generally, we are witnessing a very high demand for investment in New York City from the GCC countries,” said Mermelstein.

“This is primarily due to the strong relations between the two parties, as well as the economic and political instability in other popular investment